EPMANC320 Business Organisation and Management | Financial Service

long periods, the company was seen as to promote discrimination in their operations. In addition, many African-American employees argue that during the internal decisions, there were not considered at all. Considering certain groups of workers, many faces lack motivation as they were banned from lucrative teams.

Corporate Culture

The mission statements of the company state that – “Our guide to serving consumers and helping each other”. The company also have a specific vision, which stands for satisfying their customers by fulfilling their financial needs, and thus help them succeed financially.  Well, Fargo mission was to be the leader in the customer advisory. The two main aspects united their goal, which is promoting diversity and social inclusion. The company strategy also focuses on the employees in the organization, as they want that every employee of the organization feel valued and respected (Delahaye et al, 2009). Their corporate culture consists of various primary values like keeping the customer needs at the centre of their strategy, develop, motivate and retain their efficient employees, keeping high standards of transparency and integrity, and promoting diversity and inclusion. The company make value their creative and innovative principles which gives them the power of innovative thinking as well as effective use of the technology (Dean, 2008). The working culture in the Wells Fargo may have facilitated discrimination leading to fraud, however, the unethical activities in the organization led to the penalty of those workers who reported about the fraudulent operations of their co-worker's immoral actions.

Area of Weakness

The main area of weakness in relation with Wells Fargo is their global commendations. On a global scale, the company is perceived as a low customer care and satisfaction which is also due to the several legal issues imposed on the company. In 2016, the company faces massive media frenzy due to the employees of Wells Fargo. They have formed thousands of fraudulent savings and checking accounts on behalf of the organization clients without their consent (Lindamood, Hanna and Bi, 2007).

Inside the company, management boosts its employees to measure and track various accounts of the customers so that to check who was pre-approved for the various lines of credit. The employees were also forced later to enter their contact data on the application of credit which will make the consumers mislead about the identity theft. According to the various reports, an approximate 1,534,280 unauthorised deposits accounts and 564,433 credit card accounts between 2011 and 2016 were compromised (Ross, 2010).

The other areas of Wells Fargo include the high attrition rate of the employees as compared to the other industries in the market. In addition, due to their tight internal operations, they are not able to move outside their business objectives. This present culture also creates many barriers for the company in relation with migration into different segments.

Proposed Solutions

The future success of the company stands on their long terms innovative strategy relating to the enhancement into the diversity as well as inclusion. The transformation of three critical areas is necessary with the approach of diversity and inclusion. These three important areas are Team members, Market place, and Leadership. In contrast to the team member strategy, the company need to frame various policies for attracting and retaining the new talents in the organizations. This will also prove their vision and mission statement. The market place strategy of the company includes the development of the effective relationships between the various diversified vendors and suppliers. In their leadership strategy, the company needs to engage several leaders at every position of their operations. These leaders need to hold the vision and values of the company (Watson, 2008).

For implementing these strategies, the company is required to establish various teams at all regional and local levels who can take out the operations with diversity. The company also needs to consider and involves all the sectors of the firm while implementing diversity and inclusion strategy. It also includes establishing a relationship with all the critical partners including society, government, community and human resource departments.

References

Dean, K.W. (2008) Values-based leadership: How our personal values impact the workplace. The Journal of Values-based leadership, 1(1), p.9.

Delahaye, A., Booth, C., Clark, P., Procter, S. and Rowlinson, M. (2009) The genre of corporate history. Journal of Organizational Change Management, 22(1), pp.27-48.

Lindamood, S., Hanna, S.D. and Bi, L. (2007) Using the Survey of Consumer Finances: Some methodological considerations and issues. Journal of Consumer Affairs, 41(2), pp.195-222.

Oliveira, P. and von Hippel, E. (2011) Users as service innovators: The case of banking services. Research policy, 40(6), pp.806-818.

 Ross, D.G. (2010) The “dominant bank effect:” How high lender reputation affects the information content and terms of bank loans. The Review of Financial Studies, 23(7), pp.2730-2756.

Watson, S. (2008) FEATURE The business of customer experience: lessons learned at Wells Fargo. interactions, 15(1), pp.38-43.